Brokerage Morning Meeting Highlights | Rubin Mass Production in Full Swing, Optimistic about Increased Volume on the Secondary Side of Liquid Cooling

Yesterday, the three major indices collectively surged and then retreated, with the STAR Market 50 Index opening high and closing lower. The trading volume of the Shanghai and Shenzhen stock markets reached 1.76 trillion yuan. In terms of sectors, liquid cooling servers, shipping, Siasun Robot & Automation, and cultivated diamonds performed actively. On the downside, high-profile stocks continued to decline during the day. By the close, the Shanghai Composite Index rose 0.02%, the Shenzhen Component Index gained 0.1%, and the ChiNext Index increased by 0.01%. China Securities Co., Ltd. believes that the full production of Rubin will boost the release of liquid cooling on the secondary side; Zhongtai believes that the rebalancing of funds is likely to continue, and sectors in September are expected to maintain the relative and absolute return contributions observed since July; CICC believes that U.S. Treasury yields are likely to remain high. China Securities Co., Ltd.: Full production of Rubin boosts liquid cooling on the secondary side. The full production of Rubin drives liquid cooling from optional to essential, as the domestic supply chain transitions from sample verification to bulk delivery. First, from the technical and product side, NVIDIA's Vera Rubin has begun full production, and its 100% liquid cooling architecture is driving industry change. The thermal design power (TDP) of a single chip has increased from 700W for the H100 to 2300W, with the power density of a single cabinet exceeding the limits of air cooling, elevating liquid cooling from an optional configuration to a necessary solution. Domestic liquid cooling enterprises are gradually entering the chip platform, server ODM, and overseas cloud provider supply systems, pushing domestic replacement from manifolds and pipes to high-reliability quick connectors and cold plates entering the core BOM. Second, on the delivery front, the Rubin platform unifies the closed-loop liquid supply standard, setting high-precision requirements for sealing, temperature uniformity, and leakage prevention. Domestic manufacturers have gained top certifications thanks to cost and localization advantages, with core components such as cold plates and quick connectors now being delivered in bulk, breaking the monopoly of foreign components. Third, regarding industry trends, the liquid cooling sector is expected to see concentrated growth in 2026, as high-performance servers both domestically and internationally adopt full liquid cooling solutions, with continuous release of orders for core components. Future iterations of high-power A chips will continue to reinforce the necessity of liquid cooling, as domestic manufacturers keep focusing on precision processing and long-lasting sealing technologies, gradually achieving independent control over all core liquid cooling components and deeply benefiting from the expansion of global computing power construction. In terms of industry projections, suppliers are expected to see lower results initially followed by higher profits, entering a profit release phase in 2027 driven by annual Rubin orders, increased domestic market share, and product structure upgrades. Liquid cooling is still seen as a valuable investment area. Zhongtai: Rebalancing of the funds is likely to continue, and sectors in September are expected to maintain relative and absolute return contributions since July. Against a backdrop of heightened market volatility, the financial sector has been given a core stability function, shifting fund positioning from suppression to support. The sector is expected to continue to show a trend of "first relative, then absolute." Currently, insurance stocks have strong valuation appeal, and the persistent divergence between fundamentals and stock prices is likely to experience strong recovery. The broader market narrative regarding "short-term easing of fund selling pressure, mid-term support from 'deposit migration & slow bull market' boosting value and profit growth, and long-term cyclical trends mitigating concerns over interest rate differentials" remains unchanged. CICC: U.S. Treasury yields are likely to remain high. In this context, the central tendency of U.S. Treasury yields has also risen, which is viewed as "normalization of interest rates." In the decade following 2008, investors became accustomed to zero interest rates, Federal Reserve QE, and liquidity excess. However, looking back, that period was actually a unique time in the downward phase of the financial cycle, and the current environment seems more like a return to a normal state. Looking ahead, with deepening AI capital expenditures and a restart of the U.S. manufacturing cycle, the Federal Reserve is likely to implement tightening monetary policies, leading U.S. Treasury yields to remain high, or even rise further. From an investment perspective, high interest rates are not necessarily "purely negative"if they reflect improvements in economic fundamentals and strong corporate earnings, the stock market may also receive support. However, if they represent market concerns regarding supply-side inflation (such as rising oil prices) and policy uncertainties, they could suppress risk appetite. This article is reproduced from "Cailian News," edited by GMTEight: Huang Xiaodong.